As the end of 2015 rapidly approaches and people evaluate the year gone by, there are those who have summarized 2015 as the year we paid more and received less. Many have found this to be especially true when it comes to insurance products. People sometimes have difficulty understanding why after paying years of premiums and then putting in a claim, the insurance company doesn't seem to want to give you what you had been paying for all along. The underlying reason appears to be the color of money and resultant greed.
It may take one or two claims experiences to recognize the underlying reason, but eventually it becomes self evident. Unfortunately when it comes to insurance, there really aren't any "Good Hands People" or "Friendly Neighbors" only clever marketing. This is exemplified by our car insurance, homeowner's insurance and health insurance, just to name a few.
Many clients who are injured in a car accident and need medical treatment, have difficulty understanding why their own insurance company won't pay for all of their accident related medical bills. These same clients are rudely awakened to the reality of insurance, when their own insurance company quickly sends them to be examined by insurance company doctors to deem them "cured," so that they may stop paying for treatment.
Homeowners often pay large insurance premiums to cover damage to their home, so that they may have peace of mind in the knowledge that whatever happens, they will be able to remain in their house. Notwithstanding, a multitude of displaced survivors from Hurricane Sandy are still fighting with insurance companies more than three years later, to receive their fair and just compensation.
Today Obamacare claims credit for having more people covered by health insurance than ever before. However much of the middle class complains that as a result, the quality of their existing coverage has suffered greatly. That notwithstanding President Obama's promise that under Obamacare we would all be able to keep our doctors and pay less, many are paying more and are hard pressed to find even one of their doctors that will accept their plan. Others complain even further, that their health insurance has been reduced to "clinic-like" health care.
There appears to have been one constant throughout 2015, in that premiums keep steadily increasing while the benefits received keep diminishing. What's in store for 2016 and beyond is virtually anybody's guess, as we seek to elect a new President from our broken two party system. Hopefully our new President will rise above partisan politics, so that we may soon improve enough to pay less and get more!
We wish you all a very happy and healthy Holiday Season and New Year.
Long Island Lawyer
Paul A. Lauto, Esq.